Press releases

Destia Group’s Interim Report for January–June 2013: INCREASE OF ORDER BOOK CONTINUED AND CASH POSITION REMAINED STRONG, REVENUE DECREASED

29.08.2013 09:00:00

Revenue decreased by 12 per cent and was MEUR 190.4.

Operating result fell compared to the reference period and was MEUR 0.2.

Order book increased to the level of the previous year and stood at MEUR 753.4.

The company has no net debt, in addition long-term loans were prematurely amortised to the value of MEUR 20.

Equity ratio was more than 40 per cent.

Number of accidents resulting in absence from work remained record-low.

Destia Group’s 2013 revenue is expected to fall short of that of the previous year and operating profit is expected to be at the level of the previous year.

Group’s key figures

(IFRS), MEUR

4-6/2013

4-6/2012

1-6/2013

1-6/2012

1-12/2012

Revenue, continuing operations

112.3

118.4

190.4

216.5

507.3

Operating result, continuing operations

2,5

3,9

0,2

4.1

14.0

% of revenue

2.2

3.3

0.1

1.9

2.8

Result for the period, continuing operations

1.3

2.1

-0.7

2.0

11.1

% of revenue

1.1

1.8

-0.4

0.9

2.2

Result for the period

1.3

2.7

1.0

1.9

10.8

Equity ratio, %

40.6

34.2

35.2

Net gearing, %

-18.6

6.4

-40.5

Average personnel

1 510

1 605

1 591

Order book at the end of period

753.8

751.2

600.8

President & CEO Hannu Leinonen comments on the reporting period:

"Uncertainty in the economy deepened during the summer. Although the demand for infrastructure in the public sector has remained steady, the amount of private sector investment has declined. Competition has been fierce as the number of major projects declines and as projects started during previous years are completed.

In the intensified competitive situation, revenue in the first half of the year developed more slowly than the previous year, as a result of which our operating result fell short of last year’s figure. Our investment in personnel training has continued, which we believe will develop project management and is evident as improvement in customer service and profitability.

We are pleased that the favourable development of our order book continued in the second quarter. The order book returned to the level of the previous year, and most of it extends into 2014 and 2015. The strong order book together with the measures we have taken to improve project management provide a solid foundation for the improvement of profitability and good cash flow in future. We expect that Destia Group’s 2013 revenue will fall short of that of the previous year and that operating result will remain at the level of the previous year."